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In its third ruling on the case, the Supreme Court has come down on the side of California in California Franchise Tax Board v. Hyatt. denying a taxpayer’s right to sue the state over its audit. The 26-year history of the case began as an audit procedure and evolved into a constitutional issue. Gilbert Hyatt, […]
The State of New York is poised to enact a law that would allow Congress to obtain President Donald Trump’s state tax returns. But the U.S. House Democrat who could get them may not take New York up on its offer. The Democratic-controlled New York State Assembly could vote this week on a bill that […]
More than 350 accounting professionals attended the annual Illinois CPA Society’s Women’s Leadership Forum on Friday, May 10, in Chicago. Kim Simios, office managing partner at EY Chicago, served as the event’s keynote speaker. In her presentation, Simios reiterated the event’s theme of “Power Up,” emphasizing how everyday occurrences in the workplace can either strengthen […]
The Internal Revenue Service has approved a seven-day extension for 990, 1120 and 1065 filings that were affected by last week’s outage of Wolters Kluwer’s CCH software. According to a notice emailed by Wolters Kluwer to customers on Friday, affected filers now have until May 22 to file. Filings that follow the IRS’s instructions won’t […]
Dutch company Wolters Kluwer NV makes the software on which many of the world’s small and mid-sized accounting firms run. Earlier this week, a cyberattack took down that software and presented a case study in how not to communicate with customers over a hack. The company told its followers on Facebook and Twitter on May […]
PKF O’Connor Davies, a Top 100 Firm based in New York, has added Hodulik and Morrison, a firm in Highland Park, New Jersey, that specializes in audit services for the public sector. Hodulik and Morrison will expand PKF O’Connor Davies’ Public Sector practice, but will operate as a division of the firm. The deal represents […]
Tannen Maury/Bloomberg News KPMG, New York, announced that Villanova School of Business and the University of Southern California Leventhal School of Accounting have expanded their offering in the KPMG master of accounting with data and analytics program to include a tax concentration for the 2020-21 academic year. The universities join the University of Mississippi’s Patterson […]
Big Four firm Deloitte has upgraded 990Capture, its online data collection tool with reporting capabilities for nonprofit and tax-exempt organizations. The software can enable and disable topics, subtopics, and questions based on their applicability to nonprofit organizations, aimed at reducing errors and rework. Brent Lewin/Bloomberg 990Capture allows multiple users to access the tool simultaneously, from […]
The Internal Revenue Service has issued final regulations upping user fees on enrolled agents and enrolled retirement plan agents. Bloomberg The final regulations remove an initial enrollment user fee the IRS had planned to levy on enrolled retirement plan agents because the IRS said it no longer offers initial enrollment as an enrolled retirement plan […]
Financial reporting is key to the way financial markets operate, and is essential to maintain investor trust. This is why the Securities and Exchange Commission requires the filing of quarterly financial statements by all listed companies. The timeliness with which investors have access to meaningful, reliable information is important to investors who have to make […]
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